There are two main approaches to business planning—traditional and business model. Because of their unique characteristics, NBDC recommends that technology commercialization clients begin with business modeling. To start:
- Explore the videos and articles about the lean business model we have supplied.
- Contact an NBDC consultant for a business model template to develop your first test canvas, ahead of the consultant conducting a review and offering recommendations.
- Traditional: This is relatively easy to develop if you already have all the data and you know your target audience, e.g. lender, investor, partner, etc. However, If you are starting an innovative business, this can be challenging because you have more unknowns than factual data. Example of business plan template (SCORE)
- Business Model Generation: In this approach, you identify your key business areas: Value Propositions, Channels, Customer Segments, Resources, Cost Structure, Revenue Streams etc., then develop, test and tweak alternative business models. This approach works better for innovative businesses because it allows for flexibility and quick model changes (pivots), requires earlier customer contact and improves chances for marketplace penetration.
About Business Modeling
Steve Blank’s Blog
Online Course Start up
VIDEOS
Business Model Generation
Lean Start up